Second charge lending sees 15th month of double-digit growth
Second charge mortgage new business volumes grew by 14% in November, the fifteenth consecutive month of double-digit growth, according to the latest figures from the Finance and Leasing Association.
"The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November."
By value, second charge lending grew 17% to £116m compared to November 2018.
In the year to November 2019, second charge lending grew 16% by value and 19% by volume compared to the previous 12 months.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November. The average value of second charge mortgages in November grew by 3% compared with the same month in 2018 to £44,530.”
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